By Emmanuel Nduka
Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has raised the country’s Monetary Policy Rate (MPR) from 13 percent to 14 percent.
This was announced by the CBN Governor, Godwin Emefiele on Tuesday during the 286th meeting of the Monetary Policy Committee (MPC) held in Lagos State.
While the apex bank increased the MPR rate, it, however, retained other parameters.
During its last MPC meeting, the CBN had increased interest rate from 11.5% to 13.5% in May 2022. But with inflation rate still spiking above 18%, the CBN has now raised the rate further to 14% in a bid to combat the rising cost of goods and services.
The National Bureau of Statistics (NBS), had reported that Nigeria’s inflation rate hit an over 5-year high of 18.6% in June 2022, from 17.71% recorded in the previous month, largely due to the surge in energy prices and transportation costs.